For the Most Part, the UCC Is a "Gap Filler

question 21

True/False

For the most part, the UCC is a "gap filler" and is only pertinent if the parties themselves do not supply a contract term or the term is left open.

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Definitions:

FMV

Fair Market Value, the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Basis

The amount of investment in something for tax purposes, used to calculate gain or loss when the property is sold.

Taxable Gain

The increase in value of an asset or investment that is subject to taxes when sold or disposed of.

Fiscal Year-End

The conclusion of a 12-month accounting period for which an organization plans its financial reports and statements.